The demand for good X has been estimated to be ln Qxd = 100 ? 2.5 ln PX + 4 ln PY + ln M. The own price elasticity of good X is:
A. ?2.5.
B. 4.0 percent.
C. 4.0.
D. ?2.5 percent.
Answer: A
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a. the accumulated revenue associated with production b. ?TR/?Q c. the change in profit associated with another unit of output produced d. ?TC/?Q
________ will increase current consumption, saving, and future consumption
A) an increase in future income B) an increase in initial wealth C) an increase in current income D) a decrease in the real interest rate
Which of the following is corrrect?
A) Governments can not achieve the level of output they want. B) Changing government spending or taxes is easy. C) Investment will remain constant. D) Expectations do not matter for government to change spending or taxes.
What is one result of the Medicare subsidy?
A. The elderly population in the United States receives a lower quality of medical care than what is provided for the elderly population in other countries. B. Patients may elect to have some treatments that are of low value to them but that are costly to provide. C. The health care industry is more efficient than it otherwise would be. D. The number of physicians in the United States has declined.